Are you ready to make the life-changing switch to wholesale and take advantage of what ‘going independent’ offers you as a mortgage broker or loan officer? Our team at BeAMortgageBroker.com is here to help you every step of the way.

STETSON GOES WHOLESALE

Whether they realize it or not, today’s mortgage professionals have a major decision to make. One that not only affects the future of their careers but the future of the mortgage industry as a whole.

On one side, there’s the safety (and predetermined limits) of a traditional retail or bank position. On the other, there’s the risk and reward of going independent. Stetson Lowe was faced with this same decision. He chose to take the risk. He chose to invest in himself.

Today Stetson is the Owner and Principal Lending Manager of an independent mortgage brokerage. His sphere of influence is growing just as fast as his business, but that wasn’t always the case. Just a few years ago he was stuck in the retail mortgage world, following orders and losing clients.

RETAIL RESTRICTIONS

For Stetson, operating under the retail mortgage umbrella made it difficult for him to accomplish his goals, both career and personal. He lost potential clients to local mortgage brokers with better pricing and more options. He worked the schedule he was assigned, sometimes at the expense of his family life. Hearing the grass was greener on the wholesale side, and fed up with the frustrations and restrictions of the retail world, Stetson took the plunge to find out for himself.

GOING INDEPENDENT

Stetson was excited to go independent but wanted to avoid the rookie mistakes, so he phoned a friend (and veteran mortgage broker) for advice on his transition.

"A friend of mine has been a broker for years. I reached out to him and asked, who do [I] need to get set up with? [The broker] immediately mentioned UWM, the top wholesale mortgage lender, and even recommended a specific account rep to request," says Stetson.

By leaning on the help of industry experts and advanced wholesale lenders, the process to become an independent mortgage broker wasn’t nearly as difficult as he imagined.

“The process was easy. We filled out several broker packages during that time. Most of them had to be printed and filled in by hand, but the easy ones were done online just like a loan process. I told my partner Mark if submitting loans is as easy as [submitting] our broker package, I think we’re gonna like being independent.”

TRENDING UP

Today, Stetson has the best of both worlds. As an independent mortgage broker, he has access to more lenders, better rates and faster service for his clients. As a business owner and entrepreneur, he has complete control of his daily schedule. No more missing family events. No more anxiety about what the boss will think.

“We don’t have to spend time trying to convince people that these are the best rates. They just are. When I get a request for a loan quote, I can breathe easy. I don’t have to worry about them talking to their local mortgage broker, because I am that local mortgage broker,” says Stetson.

Stetson’s business continues to thrive and has seen exponential growth compared to his retail career. Not only is he experiencing the benefits of independence financially, but he also has a new work-life balance.

“My volume is growing. I’ve been able to add more partners and pick up new loans. I’m also freed up to spend more time with my family as that volume grows. That wasn’t really an option before.”